• IndiQube plans to allocate ₹426.6 crore from the IPO’s fresh issue for capital expenditure, ₹100 crore for loan repayment, and the rest for general corporate purposes.
  • The company operates 103 centers across 13 cities, managing 7.76 million square feet of workspace with a seating capacity of 172,451 as of June 2024.

IndiQube, a leading managed workspace solutions provider, has received approval from the Securities and Exchange Board of India (SEBI) to raise ₹850 crore through an Initial Public Offering (IPO). The company, founded in 2015 by Rishi Das and Meghna Agarwal, is backed by prominent investors such as WestBridge Capital and Ashish Gupta.

The IPO will comprise a Fresh Issue of equity shares worth ₹750 crore and an Offer for Sale (OFS) of ₹100 crore. According to the Draft Red Herring Prospectus (DRHP) filed in December 2024, IndiQube received SEBI’s observation letter on March 24, 2025, confirming the approval.

From the net proceeds, IndiQube plans to allocate ₹426.6 crore for capital expenditure, ₹100 crore for loan repayment or prepayment, and the remaining funds for general corporate purposes.

IndiQube operates 103 centers across 13 cities, including six Tier II locations, managing 7.76 million square feet of workspace with a seating capacity of 172,451 as of June 2024.

Its client base includes prominent names such as Myntra, upGrad, Zerodha, NoBroker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, and Narayana Health.

For FY24, IndiQube reported a total income of ₹867.6 crore, a significant increase from ₹601.2 crore in FY23. The company's EBITDA stood at ₹263.4 crore, with a strong Q1FY25 EBITDA of ₹153 crore. The company has also received a CRISIL A+ / Stable rating.

India’s flexible workspace sector continues to expand, with a current inventory of 79 million square feet. A CBRE report projects Tier 1 city workspace capacity to grow to 124 million square feet by 2027.

ICICI Securities Limited and JM Financial Limited are acting as the Book Running Lead Managers for the offering. The equity shares will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Edited by Harshajit Sarmah